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NIGERIA ENERGY SECTOR FUND

FINANCIAL STATEMENTS

31 MARCH 2015

AUDITOR:

EMEKA IFEZULIKE & CO.

(CHARTERED ACCOUNTANTS)

PLOT 40 B CHRIS MADUIKE DRIVE

LEKKI PHASE 1,VICTORIA ISLAND

LAGOS

Contents Page

Company information 2

Trustee's report 3

Statement of fund manager's responsibility 5

Fund manager's report 6

Auditor's report 9

Statement of financial position 11

Statement of profit or loss and other comprehensive income 12

Statement of changes in equity 13

Statement of cash flows 14

Notes to the financial statements 15


FINANCIAL STATEMENTS

31 MARCH 2015

1

NIGERIAN ENERGY SECTOR FUND

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2015

Country of incorporation and domicile

Nature of business and principal activities.

Trustee to the Fund

57, Marina

Lagos

Fund Manager

19th Floor NSE Building

2/4 Customs Street

Marina, Lagos

Registrar

24, Campbell Street

(8th Floor), Lagos

Directors of Fund Manager

Yemi Idowu Chairman

Gaventa Otono Managing Director/CEO

Chief O.C. Harry Director

Chief Harrisson A. Kuti Director

Registered Office of Fund Manager 19th Floor NSE Building

2/4 Customs Street

Marina, Lagos

Banker United Bank of Africa Plc

Auditor Emeka Ifezulike & Co.

(Chartered Accountants)

Plot 40B, Chris Maduike

Drive, Lekki Pennisula

Scheme 1, Lagos

Sterling Capital Markets Limited

Sterling Registrars Limited

Knight Frank & Rutley House

Nigeria

The aim is to bridge the funding gap in the energy

sector of the Nigerian economy through mobilization of

investible funds from individuals and corporate

investors, in Nigeria and foreign lands.

The principal activities of company are:

● Securities Trading

● Asset Management

● Capital Issuing

● Corporate Finance

United Capital Trustees Limited (formerly UBA

UBA House (12th Floor)

2


Operating result

March

2015

March 2014

N'000 N'000

Net result before tax 38,290 94,553

Tax (2,917) (2,567)

Profit after tax 35,373 91,986

The Fund perfomance year on year was 61% lower, when compared with the previous year's

performance (2014). This is due to the downturn in the fortune in the equity market.

Business prospects

Legal form and corporate information

Material post statement of financial position events

The Fund was incorporated as a private limited liability company to deal in quoted securities, fixed income

investments and other money market instruments.

TRUSTEE'S REPORT FOR THE YEAR ENDED 31 MARCH 2015

There are no post statement of financial position events which could have had a material effect on the

financial position of the Fund as at 31 March 2015 and comprehensive income for the year ended on that

date, which have not been adequately provided for or disclosed.

The Trustee's present their report on the affairs of Nigeria Energy Sector Fund Plc (“the Fund”) together

with its audited International Financial Reporting Standards (IFRS) compliant financial statements and the

auditor's report for the year ended 31 March 2015.

Principal activity and business review

Nigeria Energy Sector Fund (“the Fund”) was incorporated on 19 October 1998 by the Nigeria Energy

Sector Fund Plc as a close – end investment vehicle constituted under a Trust Deed with UBA Trustees

Limited. The aim is to bridge the funding gap in the energy sector of the Nigerian economy through

mobilization of investible funds from individuals and corporate investors, in Nigeria and foreign lands.

The Fund Manager plans to broaden and diversify the range of services offered on behalf of its discerning

unit holders. It is envisaged that notable increases will be recorded in all areas of business operations in

the years ahead with a view to improving on its performance.

The Fund’s operating result for the year is as follows:

3

COMPLIANCE

Asset Allocation requirement

Auditor

By Order of the Trustee

27 April, 2015

Tokunbo Ajayi

FRC/NBA/00000008349

Lagos

Messrs. Emeka Ifezulike & Co. have expressed their willingness to continue in office as auditors to the

Fund in accordance with section 357 (2) of the Company and Allied Matters Act, CAP C20 LFN 2004 as

amended. A resolution will be proposed at the annual general meeting authorizing the Fund Manager to fix

their remuneration.

The Trustee are of the opinion that the Management of the Fund has not been in full compliance with the

provisions of the Trust Deed and the Investment and Securities Act (2007).

UBA Trustees Limited

UBA House (12th Floor)

57, Marina

The Fund did not comply with approved asset allocation during the period. The Fund's investment in Money

Market Instrument was breached, as it exceeded the 70% requirement by 3%. We believe that the Fund

Manager will re-balance its portfolio to align with the Asset Allocation requiement going forward.

4

STATEMENT OF FUND MANAGER’S RESPONSIBILITY

IN RELATION TO THE FINANCIAL STATEMENTS


The Fund Manager accepts the responsibility for the preparation of the annual financial

statements set out on pages 11 to 30 that give a true and fair view in accordance with the

International Financial Reporting Standards and in the manner required by the provisions

of the Companies and Allied Matters Act of Nigeria,CAP C20 LFN 2004 as amended.

The Fund Manager further accepts responsibility for maintaining adequate accounting

records as required by the Companies and Allied Matters Act, CAP C20 LFN 2004 as

amended and for such internal control as the Fund Manager determines necessary to

enable the preparation of financial statements that are free from material misstatement

whether due to fraud or error.

The Fund Manager has made an assessment of the Fund’s ability to continue as a going

concern and has no reason to believe that the Fund will not remain a going concern in the

years ahead.

............................................... ..................................................

Mr. Gaventa Otono Mr. Obinna Umeilechukwu

Managing Director /CEO Company Secretary

FRC/2013/IODN/00000005194 FRC/2015/NBA/00000012132

27 April 2015 27 Aprl 2015


Background information

Domestic Economy

The global economy struggled to gain growth momentum on many fronts as both the advanced economies

and emerging markets grappled with slower than anticipated recoveries. The developing economies

witnessed weaker growth especially in the second half of the year as unstable export markets, poor

investment inflows and depressed crude oil prices restrained business activities in Sub-Saharan Africa which

fell sharply to 5.0% in 2014 from 5.2% in 2013.

Average daily production of crude oil rose to 2.18mbpd from 2.16mbpd recorded in the fourth quarter of 2013.

The sector contributed 8.97% to real GDP in the fourth quarter of 2014, a drop from the 10.45% contribution

of the third quarter of 2014. The non-oil sector growth also slowed in the fourth quarter of 2014. The sector

recorded 6.44% growth in real terms, lower when compared to the 8.78% recorded in the corresponding

period in 2013.

FUND MANAGER'S REPORT FOR THE YEAR ENDED 31 MARCH 2015

The Nigeria Energy Sector Fund (“the Fund”) is a closed-end investment vehicle constituted under a Trust

Deed with UBA Trustees Limited as the Trustees and UBA Global Custodian as the Custodian to the Fund.

The Fund which was created by Nigeria Energy Sector Fund Plc (“the Sponsor”) has Sterling Capital Markets

as the Fund Manager. The Fund is to mobilize investible funds from individuals and corporate entities for

investment in the Energy sector of the Nigerian economy.

Overview of business environment

According to IMF, global economic growth remained positive at 3.4% in 2014, the same as in 2013. Global

economic recovery, notwithstanding the drag in some countries, translated to positive growth especially in the

advanced economies with the U.S. and U.K. leading the pack with 2.6% and 2.4% respectively. The improved

growth observed in advanced economies, remained a challenge in emerging markets as weak export

moderated economic growth. China, the largest economy among the BRIC nations (Brazil, Russia, India and

China) grew by 7.4%, down from 7.8% to record its weakest pace since 1990 as its manufacturing sector

struggled under heavy debt burdens. In Russia, investment remained weak amid subdued confidence, which

is further affected by geopolitical tensions and sanctions. Economic activities are only projected to pick up

after 2015.

The Eurozone recorded a positive growth for the first time in 3 years. The consensus that the region is out of

recession as evident in the positive growth of 0.9% in 2014, boosted investment confidence and employment

in the region. As part of effort to stimulate growth, the European Central Bank (ECB) commenced the

purchase of investment-grade sovereign bonds, while it reduced the interest rate applicable to its targeted

Longer-term Refinancing Operations in an attempt to stave off deflation by buying a total of €60 billion per

month.

In the domestic economy, the significant event that characterized the Nigerian economy in the early part of

the year was the release of the rebased GDP figure by the National Bureau of Statistics (NBS). The re-based

GDP placed the country as Africa’s largest economy and 26th largest in the World with an annual GDP of

$510 billion. The economy is now almost at par with Poland and Belgium, and ahead of Argentina, Austria

and Iran. It also showed a new structure of a diversified economy with 53% being service based as opposed

to the old structure where Agriculture contributed 35% to GDP.

According to the National Bureau of Statistics (NBS) growth estimate, the economy remain on a growth part

with aggregate annual GDP growth of 5.94% as at fourth quarter of 2014, although lower than the 6.77%

recorded in the corresponding period and the 6.23% recorded in third quarter of 2014. The slowdown in

growth resulted mainly from the non-oil sector, which grew by 6.44% in the fourth quarter of 2014 compared

with 8.78% in Q3 2014.

6

Capital Market

Oil Sector

The delay in passage of the Petroleum Industry Bill remained one of the greatest impediments for the industry

and it is difficult to say when the bill will be passed, particularly as the new administration takes over power.

The industry witnessed series of divestments from onshore assets by IOC’s which culminated to the

movement to deeper offshore assets due to uncertainties surrounding the Bill passage.

The CBN in reaction to the falling oil and dwindling Reserves devalued the Naira by adjusting the midpoint of

the official exchange rate from N155/$1 to N168/$ in November, 2014, as well as increase the band around

the exchange rate midpoint by 200 basis points to +/- 5%and further to N199/$. It also raised the benchmark

interest rate by 100 basis points to 13% from 12%, while the Cash Reserve Requirement (CRR) on private

sector deposits was increased by 500 basis points to 20%. The series of devaluation created risks in the form

of translations losses which led to massive speculative attack on the Naira and by extension other asset

classes, thus inducing capital flow reversal.

Most investors suffered significant decline in the value of their investments as a result of the above mentioned

factors. The release of unimpressive earnings by most companies also dampened investor sentiments.

The challenging macro environment had an adverse impact on the performance of capital market. Investors’

sentiment was subdued during the period by the following factors; the combined effect of declining oil prices

and sustained pressure on the Naira which exposed Nigeria’s economic vulnerabilities and the increased

political apathy concerning the 2015 general elections. These developments forced Foreign Investors to pull

out from the market owing to currency risk and the initial effects of the U.S. Federal Reserve tapering of its

Quantitative Easing (QE) policy.

Consequently, the NSE All share Index declined by 18.07% from 38,748.01 points in March 31st 2014 to

31,744.82 points in March 31st 2015, while Market Capitalization also dropped from N12,446.59 trillion to

N10,717.07 trillion over the same period.

By June, 2014, crude oil prices at the international markets started a free fall with Bonny light crude declining

from a high of $114.97pb to $52.83pb in March31st2015, which put significant pressure on the country`s

External Reserves, thus engendering external vulnerability. Standard & Poor’s as a result, downgraded

Nigeria’s credit rating to B+ from BB-, citing the impact of declining oil prices and rising political tensions due

to the 2015 general election. The Reserves declined by 21.27% from $37.83 billion in April 2014 to $29.78

billion as at 31st March 2015.

Annual inflation rate rose to 8.50% as at March 2015 from 7.80%% recorded in March 2014. The rise in

inflation is mainly attributed to the impact of the depreciation in the value of Naira exchange rate which

steadily pushed up prices of imported food items during the period. Despite the exchange rate pressure,

inflation remained within single digit band set by the CBN.

One of the challenging moments during the period was the conclusion of the Quantitative Easing (QE)

programme by the U.S. Federal Reserve which induced capital flow reversal in the economy. This was further

exacerbated by the commencement of sharp decline in the prices of crude oil due to the shale oil revolution in

the U.S. which significantly increased global crude oil production and created a supply glut in addition to the

decision of OPEC to maintain member states crude oil output levels.

7

The performance of the fund

Outlook

The economic agenda of the incoming government may also set the pace for recovery in the financial

markets, particularly as the perceived political risks did not crystallize after the general election. Although, not

much is anticipated within the next two quarters, we are however optimistic that economic activities would

most likely pick up after key political appointments have been made to give a clear direction for the economy.

The problem of insecurity, pipelines vandalism and crude oil theft are still endemic in the sector. Despite the

current challenges and decline in oil prices, operators are positive about revenue growth of the industry over

the next couple of years. In addition, operators are implementing cost reduction strategies and focusing on

operational efficiency as a way of increasing profitability despite declining revenue.

The decline in the Fund’s bottom line performance was impacted by a severe diminution of N77.455million

incurred on investments in Seplat Petroleum Development Plc and Oando Plc stocks respectively. This

stems from the abysmal performance of the Nigerian Stock Exchange (NSE) in the year 2014. It was

adjudged as one of the worst performing exchanges during the period as the market capitalization of the listed

equities fell by N1.749trillion from N13.220trillion at the start of the year to N11.477trillion.

While the listing of the company was greeted with high expectations and enthusiasm, the positive sentiments

have vanished as investors who bought the stocks during and after the listing are now counting their losses.

Compared with its listing price, investors who bought the shares on the day of listing have recorded a 45

percent capital loss as at March 31st 2015. Although the decline is seen as usual trend in Stock Market

investment, investors’ perception has been that of disappointment in view of the not too encouraging

performance of the company so far. The company posted 48 percent decline in profit after tax for the nine

months ended September 30, 2014. The euphoria of owning a stake in the company was further dampened

with the call-off of the earlier proposed business combination with Afren Plc.

For Oando Plc, with several milestones recorded by the company, which includes the successful acquisition of

Conoco Philips, the largest acquisition by an indigenous player in Africa, the stock witnessed an initial rally,

but this was short-lived as the market subsequently remained bearish with the announcement of another

round of rights issue to raise new equity funds from existing shareholders to deleverage its balance sheet and

rebalance its assets position, coupled with uncertainties in the economy due to the falling oil prices and Naira

devaluation. Many investors are concerned about the frequent new equity funds raised by the company. The

company had to revisit the terms of their rights issues and adjusted downwards.

Despite the enormous macroeconomic challenges posed by declining oil prices to the Nigerian economy and

dwindling government revenue, we are optimistic of a recovery path as oil prices begin to stabilize at the

international markets.

Specifically, persistent decline in the share price of Seplat (the only Oil exploration and production firm on the

NSE) contributed to the huge diminution suffered by the Fund. The stock got listed at N576 per share in April

2014 both on the NSE and London Stock Exchange.

The Fund’s Gross Profit increased by 16.47% when compared to previous financial year (N134.623M – Yr.

2015 : N115.587M – Yr. 2014), however, Net Profit dropped from N91.985m in 2014 to N35.5million for the

financial year under review.

On the Fund, we are quite optimistic that investors will continue to enjoy impressive benefit as the economy

opens up for more opportunities with the incoming government. We want to assure investors that the Fund

will be actively managed to take advantage of emerging opportunities in the Oil and Gas space. We envisage

the passage of the PIB to enhance investments in the sector which will ultimately improve the performance of

the Fund.

Despite the gloomy picture from the poor performance of equities last year, most Analysts are of the opinion

that there is usually empirical evidence that supports the fact that with the devaluation of a country’s currency,

it would subsequently experience upswing in the capital market.

8

BY ORDER OF THE FUND MANAGER

……………………….

Mrs. Adetola Fasuyi

Sterling Capital Markets Limited

19th Floor NSE Building

2-4 Customs Street, Marina

Lagos

April 27,2015

9

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NIGERIA ENERGY SECTOR FUND

Report on the financial statements

We have audited the annual financial statements of NIGERIA ENERGY SECTOR FUND, which comprise the

statement of financial position as at 31 March 2015, the statement of profit or loss and other comprehensive

income, the statement of changes in equity and statement of cash flow for the period then ended, a summary

of significant accounting policies and other explanatory notes.

Fund Manager' responsibility for the financial statements

The Fund Manager is responsible for the presentation of these financial statements in accordance with the

Investment and Securities Act CAP S124 LFN 2009, the rules and regulations of the Securities and Exchange

Commission and the Trust Deed and for such internal controls as the Directors determine are necessary to

enable the preparation of financial statements that are free from material misstatement, whether due to fraud

or error.

Auditors' responsibilities

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted

our audit in accordance with International Standards on Auditing. Those standards require that we comply

with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the

financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the

financial statements. The procedures selected depend on the auditors’ judgement, including the assessment

of the risks of material misstatement of the financial statements, whether due to fraud or error. In making

those risk assessments, the auditors consider internal control relevant to the entity’s preparation and fair

presentation of the financial statements in order to design audit procedures that are appropriate in the

circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal

control. An audit also includes evaluating the appropriateness of accounting policies used and the

reasonableness of accounting estimates made by Fund Manager, as well as evaluating the overall

presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our

opinion.

Opinion

In our opinion, the financial statements give a true and fair view of the state of the financial affairs of the Fund

as at 31 March 2015 and of the financial performance and cash flows for the period then ended in

accordance with the Investment and Securities Act, CAP S124. LFN 2007 and the rules and regulations of

the Securities and Exchange Commission.

9

Report on other legal and regulatory requirement

The Companies and Allied Matters Act CAP C20 LFN 2004 and Banks and Other Financial Institutions Act

S24 (1-4) LFN 2004 requires that in carrying out our audit we consider and report to you on the following

matters. We confirm that:

(i) We have obtained all the information and explanations which to the best of our knowledge and belief were

necessary for the purposes of our audit;

(ii) In our opinion proper books of account have been kept by the Fund Manager, so far as appears from our

examination of those books;

(iii) The Fund’s statement of financial position and statement of profit or loss and other comprehensive

income account are in agreement with the books of account.

Mr. Chukwuemeka Ifezulike FCA

for: Emeka Ifezulike & Co.

FRC/2014/ICAN/00000007466

Lagos, Nigeria

27 April 2015

10


STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2015

March March

2015 2014

Note N'000 N'000

ASSETS

Assets

Cash and cash equivalents 7 745,244 926,563

Financial assets:

- Fair value through profit or loss 8 261,158 124,174

- Trade and other receivables 12,166 3,840

Total assets 1,018,568 1,054,577

Liabilities

Trade and other payables 9 56,836 77,905

Total liabilities 56,836 77,905

Equity

Noteholders' fund 11 745,950 745,950

Retained earnings 11 215,782 230,722

Total equity 961,732 976,672

Total liabilities and equity 1,018,568 1,054,577

These financial statements were approved by the Fund Manager and Trustee

on ………….., 2015.

…………………….. …………………

Mr. Gaventa Otono Tokunbo Ajayi

Managing Director/CEO Trustee

FRC/2013/IODN/00000005194 FRC/2014/NBA/00000008349

The notes on pages 15 to 30 form an integral part of these financial statements.

11


STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME


March March

2015 2014

Note N'000 N'000

Interest income 12 100,712 92,982

Dividend income 5,956 7,994

Trading income 27,955 (32,102)

13 - 46,713 Fair value gain on quoted equties - -

Total revenue 134,623 115,587

Operating expenses 14 96,333 21,034

Profit(/loss) before taxation 38,290 94,553

Taxation (2,917) (2,567)

Profit/(Loss) for the period 35,373 91,986

Other comprehensive income:

Fair value gain on AFS financial assets - -

Total comprehensive income for the period 35,373 91,986


Other income

12


STATEMENT OF CHANGE IN EQUITY

Noteholde

Retained

earnings Total

N'000 N'000 N'000

Balance at 1 April 2014 745,950 180,407 926,357 Profit for the year - 35,373 35,373

Balance at 31 March 2015 745,950 215,782 961,730

N'000 N'000 N'000

Balance at 1 April 2013 745,950 162,397 908,347

Profit for the year - 91,985 91,985

Balance at 31 March 2014 745,950 254,382 1,000,332


31 March 2015

31 March 2014

13


STATEMENT OF CASH FLOWS


2015 2014

N'000 N'000

Profit before taxation 38,290 94,553

Adjustment for non cash flow items:

Net unrealised gain or loss

Loss from disposal of quoted equities (27,955) 32,102

Movements in working capital:

(Increase)/Decrease in trade receivables (8,326) (3,840)

Increase/(Decrease) in payables (43,427) (43,903)

Tax paid (2,917) (2,567)

Net cash inflow/(outflow) from operating activities (44,335) 76,345

Cashflow from investing activities:

Net (purchase)/sale of quoted equities (136,984) (105,919)

Net cash (outflow) from investing activities (136,984) (105,919)

Cash flows from financing activities

Funds redemption - -

Fund subscription -

Net cash inflow from finance activities - -

Net cash (outflow) for the year (181,319) (29,574)

Cash and cash equivalents at beginning of year 926,563 956,137

Cash and cash equivalents at end of year 745,244 926,563


14


NOTES TO THE FINANCIAL STATEMENTS


1 Reporting Fund

2 Basis of Preparation

(a) Statement of Compliance

(b) Basis of Measurement

(c) Functional and presentation currency

(d) Use of estimates and judgements

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions of

accounting estimates are recognized in the period in which the estimate is revised and in any future

periods affected.

Information about significant areas of estimation, uncertainties and critical judgements in applying

accounting policies that have the most significant effect on the amounts recognized in the financial

statement are described in Notes 4.

Nigeria Energy Sector Fund ("The Fund") is a Fund domiciled in Nigeria. The Fund is an open-

ended unit trust scheme primarily involved in investing in a highly diversified portfolio of equity

securities issued by companies listed on the Nigerian stock exchange, fixed income securities etc

with the objective of providing unit holders with above average returns over the medium to long

term.

The administration of the Fund is delegated to Sterling Capital Markets Limited.These financial

statements for the year ended 31 March 2014 are the first financial statement prepared for the

Fund in complaint with International Financial Reporting Standards (IFRSs).

The financial statement of the Fund as at year ended 31 March 2015 have been prepared in

accordance with International Financial Reporting Standards (IFRSs).

The financial statements were authorised for issue by the Board on 27 April 2015

The financial statement have been prepared on the historical cost basis except for financial

instrument at fair value through profit or loss which are measured at fair value.

These financial statements are presented in Nigeria Naira, which is the Fund's functional currency.

The preparation of the financial statements in conformity with IFRS requires management to make

judgements, estimates and assumptions that affect the application of policies and reported

amounts of assets and liabilities, income and expenses. The estimates and associated

assumptions are based on historical experience and various other factors that are believed to be

reasonable under the circumstances, the results of which form the basis of making the judgement

about carrying values of assets and liabilities that are not readily apparent from other sources.

Actual results may differ from these estimates.

15

(e) New and ammended standards and interpretations

(i) Standards and interpretations issued but not yet effective.

Standard Content Effective year

IFRS 9 Financial instruments 1-Jan-15

IFRS 9: Financial instruments - Classification and measurement

3 Significant accounting policies

(a)(a)

Interest income and expense presented in the financial statement include:

(ii)

(b) Accrued expenses

Interest on money market instrument calculated on an effective interest rate basis.

Accrued expenses are recognised initially at fair value and subsequently stated at amortised cost

using the effective interest method.

The accounting policies set out below have been applied consistently to all periods presented in the

financial statements.

Interest

Interest income and expenses are recognized in profit or loss using the effective interest

method.The effective interest rate is the rate that exactly discounts the estimated future cash to the

carrying amount of the financial asset or liability. When calculating the effective interest rate, the

Fund estimates future cash flows considering all contractual terms of the financial instruments but

not future credit losses.

The calculation of the effective interest rate includes contractual fees and points paid or received,

transaction costs and discounts or premiums that are integral part of the effective interest rate.

The accounting policies adopted are consistent with those of the previous financial year.

IFRS 9 requires financial assets to be classified into two measurement categories: those measured

at fair value and those measured at amortised cost. The determination is made at initial

recognition.The classification depends on the entity’s business model for managing its financial

instruments and the contractual cash flow characteristics of the instrument. For financial liabilities,

the standard retains most of the IAS 39 requirements. The main change is that, in cases where the

fair value option is taken for financial liabilities, the part of a fair value change due to an entity’s

own credit risk is recorded in other comprehensive income rather than the income statement,

unless this creates a qualitative mismatch. The adoption of the first phase of IFRS 9 will have an

effect on the classification and measurement of the Company’s financial assets, we will now have

two main categories of financial assets i.e. fair value and amortized cost (as opposed to the four

categories prescribed by IAS 39 - fair value through profit & loss, loans & receivables, held to

maturity and available for sale financial assets) but will potentially have no impact on classification

and measurements of financial liabilities.The Fund intends to adopt IFRS 9 not later than the

accounting period beginning 1 January 2015.

16

(c) Dividend income

(d) Taxation

Witholding Tax

(e) Financial assets and liabilities

(i) Recognition

(ii) Classification

- Financial assets at fair value through profit or loss- Trade and other payables - Other financial liabilities at amortised cost

(iii) De-recognition

When the transaction price differs from the fair value of other observable current market,

transactions in the same instrument or based on a valuation technique whose variables

include only data observable from markets, the Fund immediately recognises the difference

between the transaction price and the fair value (a 'Day 1' profit or loss) in' Net gains/(losses)

on financial instruments classified as held for trading'. In cases where fair value is determined

using data which is not observable, the difference between the transaction price and model

value is only recognized in the income statement when the inputs become observable, or

when the instrument is derecognized.

The classification of financial instruments depends on the purpose and management's

intention for which the financial instruments were acquired and their characteristics.

The Fund classifies financial assets and liabilities into the following categories:

The Fund de-recognises a financial asset when the contractual rights to the cash flows from

the financial assets expire, or when it transfers the rights to receive the contractual cash flows

on the financial assets in a transaction in which substancially all of the risks and rewards of

ownership of the financial assets are transferred. Any interest in transferred financial assets

that is created or retained by the Fund is recognized as a separate asset or liability.

The Fund derecognises a financial liability when its contractual obligations are discharged or

cancelled or expired.

Dividend income is recognized when the right to receive income is estabilshed.

The Fund is exempted from paying income tax under the current system of taxation in Nigeria.

Certain dividend and interest income received by the Fund are subject to witholding tax imposed in

the country of origin. The witholding tax borne by the Fund is treated as the final tax and

recognised in the statement of profit or loss account.

Financial assets and liabilities (including assets and liabilities designated at fair value through

profit or loss) are initially recognized on the trade date which is the date that the Fund

becomes a party to the contractual provisions of the instrument. Other financial assets and

liabilities are recognised on the date they are originated.

All financial instruments are measured initially at their fair value plus transaction costs, except

in the case of financial assets and financial liabilities recorded at fair value through profit or

loss. Subsequent recognition of financial assets and liabilities is at amortised cost or fair

value.

17

(iv) Offsetting

(v) Amortised cost measurement

(vi) Fair value measurement

For financial instruments traded in active markets, the determination of fair values of financial

assets and financial liabilities is based on quoted market price or dealer price quotations.

A financial instrument is regarded as quoted in an active market if quoted prices are readily

and regularly available from an exchange, dealer, broker, industry group, pricing service or

regulatory agency, and those prices represent actual and regularly occuring market

transactions on an arm's length basis. If the above criteria are not met, the market is regarded

as being inactive. Indications that a market is inactive are when there is a wide bid-offer or

significant increase in the bid- offer spread or there are few recent transactions.

The Fund enters into transactions whereby it transfers assets recognized on its statement of

financial position, but retains either all or substantially all of the risks and rewards of the

transferred assets or portion of them. If all or substantially all risks and rewards are retained,

then the transferred assets are not derecognised. Transfers of assets with retention of all or

substantially all risks and rewards include securities lending and repurchase transactions.

In transactions in which the Fund neither retains nor transfers substantially all the risks and

rewards of ownership of a financial asset and it retains control over the asset, the Fund

continues to recognise the asset to the extent of its continuing involvement, determnined by

extent to which it is exposed to changes in the value of the transferred asset. The rights and

obligations retained in the transfer are recognised separately as assets and liabilities as

appropriate. In transfers where control over the asset is retained, the Fund continues to

recognise the asset to the extent of its continuing involvement, determined by the extent to

which it is exposed to changes in the value of the transferred asset.

Financial assets and liabilities are offset and the net amount reported in the statement of

financial position when there is a legally enforceable right to offset the recognised amounts

and there is an intention to settle on a net basis or realise the asset and settle the liability

simultaneously.

Income and expenses are presented on a net basis only when permitted under IFRSs, or for

gains and losses arising from a group of similar transactions such as in the Fund's trading

activities.

The amortised cost of a financial asset or liability is the amount at which the financial asset or

liability is measured at initial recognition, minus principal repayments, plus or minus the

cumulative amortisation using the effective interest method of any difference between the

initial amount recognised and the maturity amount, minus any reduction for impairment.

Fair value is the amount for which an asset could be exchanged, or a liability settled, between

knowledgeable, willing parties in an arm's length transaction on the measurement date.

18

(vii) Identification and measurement of impairment

(a) Assets carried at amortised cost

Evidence of impairment may include indications that the debtors or a group of debtors is

experiencing significant financial difficulty, default or delinquency in interest or principal

payments, the probability that they will enter bankruptcy or other financial reorganisation, and

where observable data indicate that there is a measurable decrease in the estimated future

cash flows, such as changes in arrears or economic conditions that correlate with defaults.

For receivables, the amount of the loss is measured as the difference between the asset’s

carrying amount and the present value of estimated future cash flows (excluding future credit

losses that have not been incurred) discounted at the financial asset’s original effective

interest rate. The carrying amount of the asset is reduced and the amount of the loss is

recognised in the income statement. If a loan or held-to-maturity investment has a variable

interest rate, the discount rate for measuring any impairment loss is the current effective

interest rate determined under the contract.

If in a subsequent period, the amount of the impairment loss decreases and the decrease can

be related objectively to an event occurring after the impairment was recognised, the reversal

of the previously recognised impairment loss is recognised in the income statement.

For all other financial instruments, fair value is determined using valuation techniques. In

these techniques, fair values are estimated from observable data in respect of similar financial

instruments, using models to estimate the present value of expected future cash flows or

other valuation techniques, using inputs (for example, NIBOR,LIBOR yield curve, FX rates,

volatilities and counterparty spreads) existing at the dates of the statement of financial

position.

In cases where the fair value of the unlisted equity instruments cannot be determined reliably,

the instruments are carried at cost less impairment.

The best evidence of fair value of a financial instument at initial recognition is the transaction

price, i.e, the fair value of the consideration given or received, unless the fair value of that

instrument is evidenced by comparison with other observable current market transactions in

the same instrument (i.e. without modification or repackaging) or based on a valuation

technique whose variables include only data observable from markets. When transaction price

provides the best evidence of fair value at initial recognition, the financial instrument is initially

measured from a valuation model is subsequently recognised in profit or loss on an

appropriate basis over the life of the instrument but not later than when the valuation is

supported wholly by observable market data or instrument is closed out.

The Fund assesses at the end of each reporting period whether there is objective evidence

that a financial asset or group of financial assets is impaired. A financial asset or a group of

financial assets is impaired and impairment losses are incurred only if there is objective

evidence of impairment as a result of one or more events that occurred after the initial

recognition of the asset (a ‘loss event’) and that loss event (or events) has an impact on the

estimated future cash flows of the financial asset or group of financial assets that can be

reliably estimated.

19

(b) Assets classified as available for sale

(f) Cash and cash equivalents

(g) Financial assets and liabilities at fair value through profit or loss

(h) Reclassification of financial assets and liabilities

Financial liabilities for which the fair value option is applied are recognised in the statement of

financial position as 'Financial liabilities designated at fair value'. Fair value changes relating to

financial assets and liabilities designated at fair value through profit or loss are recognised in 'Net

gains on financial instruments designated at fair value through profit or loss'.

The Fund may choose to reclassify a non-derivative financial asset held for trading out of the held

for trading category if the financial assets other than loans and receivabless are permitted to be

reclassified out of the held for trading category only in rare circumstances arising from a single

event that is unusual and highly unlikely to reocur in the near-term. In addition, the Fund may

choose to reclassify financial assets that would meet the definition of loans and receivables out of

the held-for-trading or available-for-sale categories if the Fund has the intention and ability to hold

these financial assets for the forseeable future until maturity at the date of reclassification.

Reclassifications are made at fair value as of the reclassification date. Fair value becomes the new

cost or amortised cost as applicable, and no revearsals of fair value gains or losses recorded

before reclassification date are subsequently made. Effective interest rates for financial assets

reclassified to loans and receivables and held-to-maturity categories are determinedd at the

reclassification date. Further increases in estimates of cash flows adjust effective interest rates

prospectively.

The Fund assesses at the end of each reporting period whether there is objective evidence

that a financial asset or a group of financial assets is impaired. For debt securities, the Fund

uses the criteria referred to in (a) above. In the case of equity investments classified as

available for sale, a significant or prolonged decline in the fair value of the security below its

cost is also evidence that the assets are impaired. If any such evidence exists for available-for-

sale financial assets, the cumulative loss measured as the difference between the acquisition

cost and the current fair value, less any impairment loss on that financial asset previously

recognised in profit or loss is removed from equity and recognised in profit or loss.

Impairment losses recognised in the income statement on equity instruments are not reversed

through the income statement. If, in a subsequent period, the fair value of a debt instrument

classified as available for sale increases and increase can be objectively related to an event

occurring after the impairment loss was recognised in profit or loss, the impairment loss is

reversed through the income statement.

Cash and cash equivalents comprise deposits with Funds, cash at hand and highly liquid financial

assets with maturities of three months or less from the acquisition date that are subject to an

insignificant risk of changes in their fair value and are used by the Fund in the management of

short-term committments.

This category comprises financial assets designated by the Fund as a fair value through profit or

loss upon initial recognition.

20

(i) Provisions

(J) Net gain from financial instruments at fair value through profit or loss

Net gain from financial instruments at fair value through profit or loss includes all realised and

unrealised fair value changes on quoted equity investment.

Provisions are liabilities of uncertain timing or amount and are recognised when the Fund has a

present legal or constructive obligation as a result of past events; it is probable that an outflow of

resources will be required to settle the obligation; and the amount has been reliably estimated.

Provisions are not recognised for future operating losses.

Where there are a number of similar obligations, the likelihood that an outflow will be required in

settlement is determined by considering the class of obligations as a whole. A provision is

recognised even if the likelihood of an outflow with respect to any one item included in the same

class of obligations may be small.

Provisions are measured at the present value of the expenditures expected to be required to settle

the obligation using a pre-tax rate that reflects current market assessments of the time value of

money and the risks specific to the obligation. The increase in the provision due to passage of time

is recognised as interest expense.

21

4 Use of estimates and judgements

(a) Key sources of estimation uncertainty

(i) Determining fair value

(b) Critical accounting judgements in applying the Fund`s accounting policies

(i) Valuation of financial instruments

(a)

Level 1 Level 2 Level 3 Total

31 March 2015 N'000 N'000 N'000 N'000

261,158 - - 261,158

261,158 - - 261,158

Level 1 Level 2 Level 3 Total

31 March 2014 N'000 N'000 N'000 N'000

124,174 - - 124,174

124,174 - - 124,174

Availability of observable market prices and model inputs reduces the need for management judgement and

estimation and also reduces the uncertainty associated with determination of fair values. Availability of observable

market prices and inputs varies depending on the products and markets and is prone to changes based on specific

events and general conditions in the financial markets.

Financial assets at fair value

through profit or loss

Quoted investment

The determination of fair value for financial assets and liabilities for which there is no observable market price

requires the use of valuation techniques as described in note 3(e)(vi). For financial instruments that trade frequently

and have little price transparency, fair value is less objective and requires varying degrees of judgement depending

on liquidity, concentration, uncertainty of market factors, pricing assumptions and other risks affecting the specific

instruments.

The Fund measures fair values using the following fair value hierachy that reflects the significance of the inputs

used in making the measurements:

Level 2: Valuation techniques based on observable inputs, either directly (i.e as prices) or indirectly (i.e. derived

from prices). This category includes instruments valued using: quoted prices in active markets for similar

instruments; quoted prices for identical or similar instruments in markets that are considered less than active; or

other valuation techniques for which all significant inputs are directly or indirectly observable from market data.

The table below analyses financial instruments measured at fair value at the end of the reporting period by the level

in the fair value hierarchy into which the fair value measurement is categorised

The Fund`s accounting policy on fair value measurement is discussed in note 3(e)(vi)

Level 3: Valuation techniques using significant unobservable inputs. This category includes all instruments for

which the valuation technique includes inputs not based on observable data and the unobservable inputs have a

significant effects on the instrument`s valuation.This category includes instrument that are valued based on quoted

prices for similar instruments for which significant unobservable adjustments or assumptions are required to reflect

differences between the instruments.

Fair values of financial assets and liabilities that are traded in an active markets are based on quoted price or

dealer price quotations. For all other financial instruments, the Fund determines fair values using valuation

techniques. Valuation technique include net present value and discounted cash flow models, comparison to similar

instruments for which market observable price exist, binomial or trinomial option pricing models and other valuation

models. Assumptions and inputs used in valuation techniques include risk-free and benchmark interest rates, credit

spreads used in estimating discount rates, bond and equity prices, foreign currency exchange rates, equity

indexprices and expected price volatilities and correlations. The objective of valuation techniques is to arrive at a

fair value determination that reflects the price of the financial instrument at the reporting date that would have been

determined by market participants acting at arm`s length.

Level 1: Quoted price (unadjusted) in an active market for an identical instrument

Financial assets at fair value

through profit or loss

Quoted investment

22

5 Classifications of financial assets and liabilities

Cash and

cash

equivalent

Held to

maturity

Fair value

through

profit or loss

Loans and

Receivables

Other

Liabilities Total

31 March 2015

N'000 N'000 N'000 N'000 N'000 N'000

Cash and cash

equivalent 745,244 - - - - 745,244

Financial asset at fair

value through profit or

loss - - 261,158 - - 261,1580

745,244 - 261,158 - - 1,006,402

Trade and other payables - - - 56,836 56,836

- - - 56,836 56,836

31 March 2014Cash and cash

equivalent 926,563 - - - - 926,563

Financial asset at fair

value through profit or

loss - - 124,174 - - 124,174

926,563 - 124,174 - - 1,050,737

Trade and other payables - - - - 77,905 77,905

- - - - 77,905 77,905

The table below provides a reconciliation of the line items in the Fund`s financial position to the categories of

financial assets

23

6 Financial Risk Management

6.1 CREDIT RISK

March 2015 March. 2014

N'000 N'000

Cash and cash equivalent 745,244 926,563

Financial assets 261,158 124,174

1,006,402 1,050,737

None of these assets is impaired nor past due but not impaired.

24

The maximum exposure to credit risk before any credit enhancements at 31 March is the carrying

amount of the financial assets as set out below.

The Fund's activities expose it to a variety of financial risks: market risk (price risk), credit risk and

liquidity risk. The Fund's overall risk management programme seeks to maximise the returns derived for

the level of risk to which the Fund is exposed and seeks to minimise potential adverse effects on the

Fund's financial performance. All securities investments present a risk of loss of capital. The maximum

loss of capital on equity securities is limited to the fair value of those positions. The management of

these risks is carried out by the investment manager under polices approved by the Board of Directors.

The Board provides written principles for overall risk management, as well as written policies covering

specific areas such as interest rate risk, credit risk and the investment of excess liquidity.

The Fund uses different methods to measure and manage the various types of risk to which it is

exposed; these methods are expalined below.

The Fund is exposed to credit risk, which is the risk that one party to a financial instrument will cause a

financial loss for the other party by failing to discharge an obligation. The main concentration to which

the Fund is exposed arises from the Fund's investments in equity securities. The Fund is also exposed

to counterparty credit risk on cash and cash equivalents and other receivable balances.

The Fund's policy is to invest in debt securities with better credit rating as designated by well known

rating agencies. All transactions in listed securities are settled/paid for upon delivery using approved

brokers. The risk of default is considered minimal as delivery of securities sold is only made once the

broker has received payment. Payment is made on purchase once the securities have been received by

the broker. The trade will fail if either party fails to meet its obligation.

In accordance with the Fund's policy, the investment manager monitors the Fund's credit position on a

daily basis; the Board of Directors reviews it on a quarterly basis.

Maximum exposure to credit risk

6.2 MARKET RISK

6.2.1 Interest risk

6.2.2 Price risk

Repricing period

All in thousands of naira

At 31 March, 2015

Carrying

amount 0 - 6 months

6 - 12

monthsabove 1 year

Cash and cash equivalent 745,244 372,622 372,622 -

Financial instruments 261,158 130,579 52,232 78,347

1,006,402 503,201 424,854 78,347

Financial liabilities

Trade and other payables 56,836 28,418 22,734 5,684

56,836 28,418 22,734 5,684

Repricing Gap (assets - liabilities) 949,566 474,783 402,119 72,664

At 31 March, 2014

Cash and cash equivalent 926,563 463,282 463,282 -

124,174 62,087 24,835 37,252

1,050,737 525,369 488,116 37,252


Trade and other payables 77,905 46,743 31,162 -

77,905 46,743 31,162 -

Repricing gap (assets - liabilities) 972,832 478,626 456,954 37,252

25

Maturity Profile

Financial instruments

Market risk is defined as the exposure to loss due to an adverse change in the market value of financial

instruments caused by a change in market prices or rates. Market risk exposures are split between

those arising from client activities and those generated from proprietary holdings. Overall responsibility

for market risk lies with the Fund manager who actively manages the market risks that may arise in line

with the Fund's policy.

Interest rate risk is the exposure of the Fund’s financial condition to adverse movements in interest rates

which are likely to affect the Fund’s earnings and capital base. This includes any opportunity cost that

might arise if the Fund were to fix interest rates on its assets and/or liabilities in a falling or rising interest

rate environment.

The Fund is exposed to equity securities price risk. This arises from instruments held by the Fund for

which prices in the future are uncertain. Where non-monetary financial instruments, for example, equity

securities are denominated in foreign currencies other than Naira, the price initially expressed in foreign

currency and then converted into naira will also fluctuate because of changes in foreign exchanges

rates.

The Fund's policy is to manage price risk through diversification and selection of securities and other

financial instruments within specified limites set by the Board of Directors. The majority of the Fund's

equity instruments are publicly traded on the floor of the Nigerian Stock Exchange. The Fund's policy

requires that the overall market position is monitored on a daily basis by the Fund's Investment Manager

and is reviewed quaterly by the Board of Directors. Compliance with the Fund's investment policies are

reported to the Board of Directors on a monthly basis.

6.3 LIQUIDITY RISK

Gross nominal (undiscounted) maturities of financial assets and iabilities

All in thousands of nairaMaturity Profile

Carrying amount

Nominal

cashflow 0 - 6 months

6 - 12

months above 1 year

745,244 845,244 507,146 338,098 -

261,158 261,158 130,579 52,232 78,347

1,006,402 1,106,402 637,725 390,329 78,347


56,836 56,836 34,102 22,734 -

56,836 56,836 34,102 22,734 -

949,566 1,049,566 603,624 367,595 78,347

949,566 1,049,566 603,624 971,219 1,049,566

All in thousands of nairaMaturity Profile

Carrying amount

Nominal

cashflow 0 - 6 months

6 - 12

monthsabove 1 year

At 31 March, 2014

926,563 1,026,563 615,938 410,625 -

124,174 124,174 62,087 24,835 37,252

1,050,737 1,150,737 678,025 435,460 37,252


77,905 77,905 46,743 31,162 -

77,905 77,905 46,743 31,162 0

972,832 1,072,832 631,282 404,298 37,252

972,832 1,072,832 631,282 1,035,580 1,072,832

6.5 REGULATORY RISK

26

Financial

instruments

Trade and other

payables

Gap (assets -

liabilities)Cummulative

liquidity gap

The Fund is subject to regulation as well as local and international laws. Regulatory risk is defined as

the risk to earnings or capital arising from violations of, or non-conformance with, laws, rules,

regulations, prescribed practices, or ethical standards. The responsibility for regulatory risk lies primarily

with the Fund manager who enforce Compliance and legal policies to ensure compliance.

Cash and cash

equivalent

Financial

instruments

Trade and other

payables

Gap (assets -

liabilities)Cummulative

liquidity gap

Cash and cash

equivalent

Liquidity risk is the risk that the Fund may not be able to generate sufficient cash resources to settle its

obligations in full as they fall due or can only do so on terms that are materially disadvantageous.

The Fund's policy is to invest majority of its assets in instruments that are traded in an active market and

can be readily disposed. The Fund's listed securities are considered readily realisable, as the majority

are listed on the Nigerian stock exchange. In accordance with the Fund's policy, the Investment

Manager monitors the Fund's liquidity position on a daily basis; the Board of Directors reviews it on a

quarterly basis.

As at 31,March

2015

7 Cash and cash equivalents March March

2015 2014

N'000 N'000

Cash at bank 14,267 24,569

Fixed deposit - -

Money market investment 498,429 901,994

Treasury Bills 232,548 -

745,244 926,563

8 Financial asset at fair value through profit or loss

March March

2015 2014

N'000 N'000

Quoted investment 261,158 124,174

27

March March

2015 2014

9 Trade and other payables N'000 N'000

Trustees fees payable 1,575 1,860

Stockbroke Account 18,415 -

Registrar fees payable 130 187

WHT payable 15,684 15,587

AGM Payable 1,479 2,090

Management fee payable 15,099 14,969

Custodian fee payable 471 489

Audit fee payable 788 750

Dividend Payable 2,595 -

Coupon payable - 39,906

Other professional fees payable 600 2,067

56,836 77,905

March March

2015 2014

10 Tax payable N'000 N'000

Balance beginning - -

tax charge 2,917 2,567

tax paid (2,917) (2,567)

Balance ending - -

March March

2015 2014

N'000 N'000

11 Equity

(a) Noteholders' fund

745,950 745,950

Issued:

Balance, beginning of year 745,950 745,950

Subscription during the year - -

Redemption during the year - -

Balance, end of year 745,950 745,950

No. of notes issued as at 31 March 745,950 745,950

(b) Retained earnings

Balance, beginning of year 230,722 138,736 Accrued no longer required -18,314 -

Coupon Paid (68,627) -

180,407 138,736

Profit for the year 35,373 91,986

Balance, end of year 215,782 230,722

The Trust Deed provides for coupon to be paid annually. Coupon payable is computed at

75% of the net income of the Fund after tax and is payable exclusively from the net income

28

12 Interest income March March

2015 2014

N'000 N'000

Current account 1,087 1,555

Fixed deposit 99,625 91,427

100,712 92,982

13 Other income

March March

2015 2014

N'000 N'000

- 4,174

Income tax payable - 42,539- 46,713

14 Operating expenses March March

2015 2014

N'000 N'000

Management fee 15,101 14,529

Listing fee 857 -

Trustee`s fee 525 1,453

Registrar`s fee 250 329

Custodian fee 1,395 1,171

Audit fee 750 763

AGM expenses - 400

Dimunition 77,455 2,389

96,333 21,034

The amounts recognised as other incomes represents provisions made for

payments to National Information Technology Development Agency (NITDA) and

income tax which are no longer required. The fund is exempted from paying NITDA

and Company Income Tax. The Fund incurs withholding tax on dividend which is

regarded as final tax.

National Information Technology

Development Agency (NITDA)

29

14 Related parties and other key contracts

(a) Management fee

(b) Trustee fee

(c) Custodian Fee

(d) Directors

The directors of the Fund manager who served during the period under review were:

Yemi Idowu Chairman

Gavento Otono MD/CEO

Chief O.C. Harry Director

Captain Harrison A. Kuti Director

Parties are considered to be related if one party has the ability to control the other party or exercise significant

influence over the other party in making financial or operational decisions.

The Fund is managed by Sterling Capital Market Limited (''The Fund Manager"), an investment management

company incorporated in Nigeria and it is responsible for the investment decisions of the Fund. The Fund

manager receives a management fee at an annual rate of 1.5% of the net assets value of the Fund payable

quarterly in arrears. Included in other payable at 31 March 2015 is a management fee payable of 15 million (31

March 2014: N14.9 million).

The Fund has engaged the services of UBA Trustees Limited ("The Trustee") as the trustee to the Fund to

provide trustee services to the Fund for a fee.

The Trustee`s fee for the year ended 31 March 2015 is based on 0.15% of the Fund`s net asset value in

accordance with the provision of the trust deed. Included in the other payable at 31 March 2015 is a trustee fee

payable of N1.5 million (31 March 2014: N1.9 million).

The fund has engaged the services of UBA Global Services Limited("The Custodian"). The custodian fee for

the year ended 31 March 2015 is based on 0.10% of the fund's assets value in accordance with the provision of

the trust deed. Included in the other payable as at 31 March 2015 is a custodian fee payable of N470,772 ( 31

March 2014: N489,156)

30

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